by Jharonne Martis.
Thirty-six retailers have reported Q3 Same Store Sales (SSS), with 50% exceeding estimates, 47% missing their targets, while 3% were in line. Major winners include Costco, Walgreen and Home Depot, while the only good news for Coach was that its massive sales decline was not quite as bad as it had predicted.
Here are the winners and losers so far:
Source: I/B/E/S data
Looking at earnings, companies are already warning us not to expect too much from them in the fourth quarter. In our retail universe, there have been 21 negative EPS pre-announcements for Q4 2014 compared to two in-line and four positive EPS pre-announcements.
EXHIBIT 1. Q4 EARNINGS GUIDANCE
Q3 earnings 2014
Of the 95 retailers and restaurants that have reported Q3 earnings, 62% exceeded estimates, 33% missed and 5% were in line. On the revenue side, 52% exceeded estimates, 44% missed and 2% were in line.
EXHIBIT 1. Q3 2014 EARNINGS SCORECARD